The Best Ways to Avoid Five Common Marketing Mistakes
When it comes to running a business or startup, marketing plays a huge role. A company can’t achieve immense reach and popularity in any market. According to the US Bureau of Labor Statistics, two out of 10 new businesses fail the initial days of their work, and nine out of 10 startups close in their first year. A company can’t obtain the desired profit target despite having a hit product due to common marketing mistakes. But you can avoid these mistakes with proper planning and using the right marketing tactics. Below, we are going to highlight the best ways to avoid 5 common marketing mistakes.
Best Ways to Avoid Five Common Marketing Mistakes
#01 – Not Understanding the Market
You prepared a new product and decided to market it in the marketplace. If you don’t understand the requirements of the market and your target audience, you can’t make your product successful at any rate. So, your brand new product experiences a lousy response from the marketers.
Example: Quibi was a mobile-video platform, but it didn’t make its mark in the market even after great investments and high expectations. The company has raised over 1.8 billion dollars even In the presence of MGM, Lionsgate, Warner Bros, and other investors. Although, the streaming platforms were controlled by Jeffrey Katzenberg (the former chairman of Walt Disney). YouTube, TikTok, and other popular streaming platforms are the competitors of Quibi, and the platform wanted to give them tough competition.
Reason for Failure:
The biggest reason for the platform’s failure is that they couldn’t understand the changing trends of markets and their users.
- Various quality films and TV shows were streaming on different platforms. So, Quibi accepted those projects and movies that Netflix and HBO rejected.
- In the initial phase, the platform got immense users. But, the majority of users refused to renew their subscriptions due to the low-quality content. Its biggest competitor Netflix was offering high-quality content at affordable prices.
- Quibi’s poor marketing strategies are another big reason for its failure. They couldn’t promote the platform effectively. Many people still know the platform as a food delivery service.
How do you avoid this mistake?
- Before venturing into the streaming market, the company should have analyzed the market thoroughly. They should identify the real potential of the market and TAM (Total Addressable Market). They should take the help of market experts to analyze other players.
- Find out whether the market is progressing or not. Identify the pace of progress. Analyze the data and predict the future.
- Identify the major trends that are circulating in the industry. Find out practical solutions and tools to deal with any type of problem. Identify how people react to specific trends.
- Perform a complete competitive analysis (market segment and competitors).
Best Ways to Avoid Five Common Marketing Mistakes
#02 – Failing to Understand Your Audience
If you initiated an ad campaign but didn’t get the correct response, you couldn’t define your audience properly.
Example: When a company called Refocus started its marketing firm, they advertised the products and services on the Britain market. They promoted the installment card that they thought would be a massive success among girls because they love purchasing expensive outfits and beauty products. It was a disastrous ad campaign, and we lost thousands of dollars (pounds) in the campaign.
After this failure, the company started investigating the reason for the loss. We had to target the men segment of 32 to 45 years old, which means we were running irrelevant ads.
It is important to make a flexible marketing campaign to change it anytime you think something is going wrong.
How do you avoid this mistake?
- You should interview patrons using the jobs to be done (JTBD) methodology.
- Achieve the standard by analyzing the data.
- Focus on video platforms to target your audience.
- Enhance your communication level in order to boost your productivity.
Best Ways to Avoid Five Common Marketing Mistakes
#03 – You Don’t Follow the Trend in Creatives
Marketing trends change with the passage of time. There was a time when email marketing was very popular, but these days short-form video content is more popular when it comes to advertising. You should focus on changing marketing trends and develop creative strategies. Try to make eye-catching and engaging creatives. Otherwise, you can lose your entire marketing budget.
How do you avoid this mistake?
- It is imperative to keep an eye on the latest trends. Video content is the most popular form of advertising content these days. There are so many other types of video promotions within video advertising.
- Create appealing content that can catch the attention of users within 3 seconds.
- Make ads that can excite your audience as well as target customers.
Example: A company called Hoof Doctor produces farrier and hoof care products for horses. They launched an ad campaign where a customer of Hoof Doctor told the advantages of its products. It was a spontaneous reaction, not scripted. The video got a whopping success among customers. This has helped the brand to build trust among customers.
Best Ways to Avoid Five Common Marketing Mistakes
#04 – You Don’t Have an Elaborated Sales Funnel
As a company, your sales funnel should be eye-catching and great. This is the only way to make your marketing superb. You waste time and money if you don’t have an elaborated sales funnel. For instance, when a customer opens your site and comes across the fact that its CTA (call to action) button is not working and the site is not mobile-friendly, what could you expect from that customer?
How do you avoid this mistake?
- Managing the entire data in real time and adjusting the analytics is crucial. It is necessary to analyze the movement of customers. The only thing you have to do is to optimize your sales funnel. Make your site mobile-friendly in order to give a better user experience. Your page should be easy to load and convenient. If you fail to do these things, your customers will choose your rivals.
- Enhance your trigger strategy and add triggers where they are needed. Send emails and push notifications so that customers do not leave if you cannot address the sales funnel in a short period of time.
Best Ways to Avoid Five Common Marketing Mistakes
#05 – Forgetting the Importance of Analytics
Many marketers and business owners do not invest much money in the betterment of the system responsible for analyzing and collecting data on the effectiveness of the market. Consequently, you choose the wrong direction or path.
How do you avoid this mistake?
- If you are working on a digital project, you shouldn’t ignore the importance of analytics. It is crucial to measure CPC (Cost per Click), CTR (Click-Through Rate), CR (Conversion Rate), and other metrics.
- Allow call tracking, exploit CRM (Customer Relationship Management), and manage the sales data.
- Utilize an end-to-end analytics system.
Example: Phyllis is a famous online cosmetics store in Germany. At first, they targeted cosmetologists as their main target customers. The store focused on the effects of creams and their textures. But, its CR (conversion rate) was very low. After this, they came across the fact that customers usually pay so much attention to the packaging of the products. Beautiful boxes and jars of beauty creams can easily catch the attention of users, especially women.
So, the company started using beautiful jars in its ads. This was one of the biggest successful campaigns of the company, and they got millions in terms of profits.
Best Ways to Avoid Five Common Marketing Mistakes
Summary
Learning from your mistakes isn’t easy, but you can improve the quality of your products and sales through this strategy. Mistakes bring improvement, so don’t be afraid. If your marketing isn’t going well, conduct profound research and find out the root of the problem. Once you have identified the problem, you can easily fix it. In this way, you can use your budget in the right way without wasting a penny.
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